New numbers show Spokane housing market is on the up

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by KREM.com

KREM.com

Posted on August 12, 2012 at 5:45 PM

SPOKANE -- Data on the U.S. housing market shows signs of improvement in many areas, and now those changes have made their way to Spokane.

Prices are up more than 1%, with the average home in Spokane selling just more than $188,000.

"We always seem to march to a different drummer than the other markets but I think what we're doing is following the trend," said Marilyn Amato, Spokane Association of Realtors.

One of Amato’s clients recently moved from Tucson to Spokane. Julia Peters immediately noticed the market was moving away from a buyer’s advantage.

"We felt like we needed to zero in on certain neighborhoods and certain houses because things were going quickly," Peters said.

Home sales in Spokane have improved 11% compared to July 2011, and Amato says the number of houses available is making the Spokane area into a balanced market.

"That's going to be the strongest determinant of how the economy is doing," she said.

Amato added another good economic sign is that the majority of homes sold were not foreclosure sales or short sales. She added some investors are holding off on getting into the market until the November election. The complete outlook on housing is closely tied to the results this fall.

"It's a good time to buy a house, the interest rates are low, we have a good inventory of homes to select from," Amato said.
 

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